Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,710/mo
Lowest payment- Down payment
- $124,789
- Funds due
- $136,170
- Interest + MI left
- $114,603
- First ends
- Jan 2051
Assumption
Assumption + second
$2,370/mo
+$660/mo- Down payment
- $42,789
- Funds due
- $55,440
- Interest + MI left
- $270,127
- First ends
- Jan 2051
New loan
New conventional
$3,002/mo
+$1,292/mo- Down payment
- $42,789
- Funds due
- $51,502
- Interest + MI left
- $579,614
- First ends
- Dec 2056
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $300,188 | $300,188 | $382,188 |
| Second mortgage | — | $82,000 | — |
| First P&I | $1,430.31 | $1,430.31 | $2,646.19 |
| Second P&I | — | $659.79 | — |
| Mortgage insurance | — | — | $76.44 |
| Taxes, insurance & HOA | $279.58 | $279.58 | $279.58 |
| Total housing payment | $1,709.90 | $2,369.69 | $3,002.21 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$42,789
Closing costs & prepaids$12,651
Usable credit−$0
Total buyer cash needed$55,440
Earnest money paid−$0
Remaining funds due$55,440
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$4,249.77
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,500.94
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$388.75
Prepaid interest, first (1 days)$23.27
Prepaid interest, second (1 days)$20.22
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 1 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing24 yr 2 moOf the original 30-year loan at 2.830%
Interest already paid$53,560Through Nov 2026
Assumption only · ends Jan 2051$114,603
Assumption + second · ends Jan 2051, second Dec 2056$270,127
New conventional · ends Dec 2056$579,614